Like Tree7Likes

Refund for Extra Stamp Duty on Getting PR Status

Closed Thread
Page 1 of 2 1 2 LastLast
  1. #1

    Join Date
    May 2021
    Location
    Munich
    Posts
    49

    Refund for Extra Stamp Duty on Getting PR Status

    Hi, just to lift that up - I read somewhere that you could get back those 30% Stamp Duty when you bought a flat the last 3 years and get PR - any details? Or was this just some internet blabla?


  2. #2

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,967

    Covered here in the policy address. This applies to flats purchased after 19th of October, 2022... Quick rush out and buy a flat today.

    Our country thanks you for your purchase..

    refund the extra stamp duty paid by eligible incoming talents in purchasing residential property in Hong Kong. Eligible talents Note who purchase a residential property in Hong Kong from today and thereafter, and subsequently become a permanent resident upon residing in Hong Kong for seven years, can apply for a refund of the Buyer's Stamp Duty and the New Residential Stamp Duty paid for the first residential property purchased which they still own, while the Ad Valorem Stamp Duty at Scale 2 rates is still payable such that the overall stamp duty charged will be on par with that charged on first-time home buyers who are ordinary permanent residents.

    The arrangement applies to any sale and purchase agreement entered from today (19 October 2022) and thereafter.
    Eligible incoming talents include those who enter Hong Kong under designated talents admission schemes, including GEP, ASMTP, QMAS, IANG, TechTAS, Admission Scheme for the Second Generation of Chinese Hong Kong Permanent Residents and the newly launched Top Talent Pass Scheme.
    https://www.policyaddress.gov.hk/2022/en/p29a.html
    Milocate likes this.

  3. #3

    Join Date
    May 2021
    Location
    Munich
    Posts
    49

    Sound nice, thank you!
    But who knows if that is still valid in 7 years^^


  4. #4

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,967

    A current purchase, under current conditions should be valid in 7 years, unless you doubt the govt's ability to repay you the amount it owes you.

    Think of it as a multi million $ loan you're giving the govt at interest free rates.


    Not sure if this measure has passed / has been legalised / whatever .. do your due diligence.

    Milocate likes this.

  5. #5

    Join Date
    May 2021
    Posts
    1,733

    And you trust the Govt that it will NOT remove its so-called spicey measures altogether if and when property market drops 15-30% more, that will definitely put you at a disadvantage, to put it mildly you will be pounded from both sides..

    Personally i would consider this factor more seriously, all those policymakers and their cronies/bosses are seating on multiple properties, any significant drop in property will make them piss in their pants and start instant noise of removing spices..

    Last edited by ndt; 01-11-2022 at 12:11 PM.
    Milocate likes this.

  6. #6

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    5,585

    not sure if i want to foot that 30% stamp duty even if it can be refunded later.. better off using that to buy cheap in the market I think..


  7. #7

    Join Date
    Sep 2021
    Posts
    237

    I support the idea that HK government needs to do something to prevent a housing market collapse.
    But 30% extra charge, to be returned after 7 years... That's a tough pull to swallow. A lot of things can change in 7 years. The reason the housing market is collapsing in the first place is the lack of trust in the government (the one pulling the strings). This "7 years, trust us" stance won't fly.

    So this is part of an initiative to attract talents into HK. As is, those talents must also be rich to afford that 30% stamp duty in the most expensive housing market in the world. It looks like custom made for the new money in mainland.

    shri and Milocate like this.

  8. #8

    Join Date
    Aug 2008
    Location
    猴山
    Posts
    23,652
    Quote Originally Posted by mpbk:
    I support the idea that HK government needs to do something to prevent a housing market collapse.
    The best way to stop a collapse is not to distort the market to create a bubble.

    Hong Kong has needed about 25,000 private flats printed each year to avoid a bubble then subsequent collapse.

    Name:  Picture-2.png
Views: 167
Size:  144.8 KB

  9. #9

    Join Date
    Sep 2021
    Posts
    237
    Quote Originally Posted by East_coast:
    The best way to stop a collapse is not to distort the market to create a bubble.

    Hong Kong has needed about 25,000 private flats printed each year to avoid a bubble then subsequent collapse.
    You are mixing housing needs with market collapse.
    The former should have been dealt with long ago.
    We are already in a bubble. The goal is soft landing, not bust the bubble. Refer to the mainland situation when housing bubble is burst overnight.

  10. #10

    Join Date
    Aug 2008
    Location
    猴山
    Posts
    23,652
    Quote Originally Posted by mpbk:
    You are mixing housing needs with market collapse.
    The former should have been dealt with long ago.
    Yes. A government should release land based on need rather than upping unsustainably ever increasing land tax revenues.

    Quote Originally Posted by mpbk:
    We are already in a bubble. The goal is soft landing, not bust the bubble. Refer to the mainland situation when housing bubble is burst overnight.
    The best way would be to stop the flow of middle class from the city

    Quote Originally Posted by mpbk:
    Refer to the mainland situation when housing bubble is burst overnight.
    That is a debt problem rather than a housing problem. Growth through excessive debt is not sustainable as can be seen.

Closed Thread
Page 1 of 2 1 2 LastLast